FAHYX vs. FAGIX

Last updated Jun 3, 2026

FAHYX (Fidelity Advisor High Income Advantage Fund Class M) and FAGIX (Fidelity Capital & Income Fund) are both High Yield Bonds funds from Fidelity. Over the past 10 years, FAHYX returned 7.57%/yr vs 8.05%/yr for FAGIX. Their correlation of 0.85 suggests significant overlap in exposure. FAHYX charges 0.99%/yr vs 0.67%/yr for FAGIX.

Performance

FAHYX vs. FAGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor High Income Advantage Fund Class M (FAHYX) and Fidelity Capital & Income Fund (FAGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAHYX achieves a 7.04% return, which is significantly lower than FAGIX's 7.96% return. Over the past 10 years, FAHYX has underperformed FAGIX with an annualized return of 7.57%, while FAGIX has yielded a comparatively higher 8.05% annualized return.

FAHYX

• 1D: 0.07%
• 1M: 1.61%
• YTD: 7.04%
• 6M: 8.17%
• 1Y: 17.04%
• 3Y*: 11.93%
• 5Y*: 6.23%
• 10Y*: 7.57%

FAGIX

• 1D: 0.09%
• 1M: 1.83%
• YTD: 7.96%
• 6M: 9.22%
• 1Y: 18.61%
• 3Y*: 13.19%
• 5Y*: 7.02%
• 10Y*: 8.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FAHYX vs. FAGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAHYX Fidelity Advisor High Income Advantage Fund Class M	7.04%	11.75%	9.24%	12.04%	-11.37%	10.74%	8.70%	17.41%	-5.36%	11.37%
FAGIX Fidelity Capital & Income Fund	7.96%	12.38%	10.69%	13.02%	-11.50%	11.13%	9.95%	18.96%	-7.17%	11.66%

Correlation

The correlation between FAHYX and FAGIX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 6, 1987	0.85

The correlation between FAHYX and FAGIX shifts across timeframes, from 0.85 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FAHYX vs. FAGIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FAHYX

FAHYX Risk / Return Rank: 92
FAHYX Sharpe Ratio Rank: 92
FAHYX Sortino Ratio Rank: 91
FAHYX Omega Ratio Rank: 88
FAHYX Calmar Ratio Rank: 94
FAHYX Martin Ratio Rank: 96

FAGIX

FAGIX Risk / Return Rank: 92
FAGIX Sharpe Ratio Rank: 92
FAGIX Sortino Ratio Rank: 91
FAGIX Omega Ratio Rank: 88
FAGIX Calmar Ratio Rank: 94
FAGIX Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FAHYX vs. FAGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor High Income Advantage Fund Class M (FAHYX) and Fidelity Capital & Income Fund (FAGIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FAHYX	FAGIX	Difference
Sharpe ratio Return per unit of total volatility	3.11	3.10	+0.01
Sortino ratio Return per unit of downside risk	4.52	4.52	0.00
Omega ratio Gain probability vs. loss probability	1.62	1.62	0.00
Calmar ratio Return relative to maximum drawdown	5.55	5.47	+0.08
Martin ratio Return relative to average drawdown	23.42	23.13	+0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAHYX vs. FAGIX - Sharpe Ratio Comparison

The current FAHYX Sharpe Ratio is 3.11, which is comparable to the FAGIX Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of FAHYX and FAGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FAHYX	FAGIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	3.10	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	1.07	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.99	1.03	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.88	+0.25

Drawdowns

FAHYX vs. FAGIX - Drawdown Comparison

The maximum FAHYX drawdown since its inception was -48.37%, which is greater than FAGIX's maximum drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for FAHYX and FAGIX.

Drawdown Indicators

	FAHYX	FAGIX	Difference
Max Drawdown Largest peak-to-trough decline	-48.37%	-37.97%	-10.40%
Max Drawdown (1Y) Largest decline over 1 year	-3.13%	-3.49%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-6.95%	-7.26%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-15.35%	-15.42%	+0.07%
Max Drawdown (10Y) Largest decline over 10 years	-28.51%	-28.45%	-0.06%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.51%	-6.99%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.82%	-0.08%

Volatility

FAHYX vs. FAGIX - Volatility Comparison

The current volatility for Fidelity Advisor High Income Advantage Fund Class M (FAHYX) is 1.59%, while Fidelity Capital & Income Fund (FAGIX) has a volatility of 1.86%. This indicates that FAHYX experiences smaller price fluctuations and is considered to be less risky than FAGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAHYX	FAGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	1.86%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	4.39%	4.86%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	5.55%	6.08%	-0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	6.59%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	7.82%	-0.16%

FAHYX vs. FAGIX - Expense Ratio Comparison

FAHYX has a 0.99% expense ratio, which is higher than FAGIX's 0.67% expense ratio.

Dividends

FAHYX vs. FAGIX - Dividend Comparison

FAHYX's dividend yield for the trailing twelve months is around 4.13%, less than FAGIX's 4.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAGIX Fidelity Capital & Income Fund	4.44%	4.74%	5.02%	5.28%	10.25%	6.08%	4.59%	5.00%	5.67%	5.05%	4.57%	4.51%
FAHYX Fidelity Advisor High Income Advantage Fund Class M	4.13%	4.45%	3.96%	4.45%	6.84%	4.56%	3.47%	4.25%	5.74%	4.66%	5.29%	4.21%

Frequently Asked Questions

Can I hold both FAHYX and FAGIX in my portfolio?

With a correlation of 0.98, FAHYX and FAGIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FAHYX or FAGIX?

FAGIX has higher volatility (1.86%) compared to FAHYX (1.59%). In terms of maximum drawdown, FAHYX dropped -48.37% vs FAGIX's -37.97%.

Which has better risk-adjusted returns?

FAHYX currently has the higher Sharpe Ratio (3.11 vs 3.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.